Pinning this as our first deal teardown. A real DD package landed on my desk. 313-key upscale full-service hotel, Sun Belt airport submarket. Numbers are real. Property identity scrubbed. The 5-year operating story: 2022: $9.3M revenue, ($462K) EBITDA, 63.9% occ, $63 RevPAR 2023: $10.8M revenue, ($394K) EBITDA, 68.3% occ, $72 RevPAR 2024: $13.4M revenue, $12K EBITDA, 71.3% occ, $86 RevPAR 2025: $12.6M revenue, $207K EBITDA, 69.4% occ, $86 RevPAR T12 Apr 2026: $13.4M revenue, $501K EBITDA, 76.5% occ, $93 RevPAR The STR insight: MPI 128.8 / ARI 87.8. Filling rooms 29% better than comp set, charging 12% less. Classic rate-management value-add lever. The tax layer the broker's pro forma misses: At a $105K/key basis ($32.87M): - Acquisition cost seg → ~$1.3M Year 1 tax shield - PIP cost seg (~$11M of capex, 70% short-life) → ~$1.1M Year 1 tax shield - Form 3115 lookback if seller never did cost seg → potential 7-figure §481(a) catch-up That's $2.4M+ of Year 1 tax shield before operating cash flow even shows up. On a 35% equity check, that's roughly 20%+ of equity returned in Year 1 from the tax layer alone. Full breakdown with all the assumptions and math: https://taxlogiccre.com/hotel-cost-segregation-case-study-airport-full-service/ This is the kind of work the room is for. If you're underwriting a hotel deal and want a second set of eyes on the after-tax math, drop a comment or DM. Educational. Not tax, legal, or investment advice.

Are You Reviewing CRE Deals on Easy Mode or Hard Mode? Let's be honest for a second. Analyzing commercial real estate deals is hard. But there are two very different kinds of hard: 🔴 Hard Mode looks like this: → Reviewing deals that stop at NOI and cap rate → Missing the tax layer until after capital is committed → No visibility into cost seg, bonus depreciation, or after-tax cash flow → Watching a "good deal" underperform because the tax picture wasn't modeled → Wondering why your returns don't match the pro forma 🟢 Easy Mode looks like this: → Seeing the full deal picture — pre-tax AND after-tax — before you commit → A repeatable Tax Logic review process on every deal → Cost seg, bonus depreciation, and basis allocation modeled from the start → Broker-safe diligence questions ready before the first call → Knowing exactly what to ask — every single deal Here's the poll: Which mode are you currently in? A) 🔴 Hard Mode — I only see the pre-tax story B) 🟡 Somewhere in the middle — I think about taxes but not systematically C) 🟢 Easy Mode — I model the tax layer on every deal before committing capital Drop your letter below 👇 Here's the thing — Easy Mode isn't about being a tax expert. It's about not committing capital before you understand what you actually keep. That's what the Tax Logic Deal Room gives you. A repeatable process. Real deal reviews. The tax layer visible from day one. The room is free. The deals are real. ▶️ Join here → skool.com/tax-logic-deal-room-2608